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250707.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, July 7, 2025, Vol. 28, No. 134 Headlines A U S T R A L I A AVANTI AU 2024-1: Moody's Upgrades Rating on Class E Notes to Ba1 BLUEBOTTLE DIGITAL: First Creditors' Meeting Set for July 10 COPPER RESOURCES: Austral Resources to Buy Rocklands Copper Mine DOORKEY PTY: First Creditors' Meeting Set for July 11 LINK MINING: Second Creditors' Meeting Set for July 9 MA MONEY 2023-1: Moody's Upgrades Rating on Class F Notes to Ba3 NOW TRUST 2023-1: Moody's Upgrades Rating on Class F Notes to Ba2 RAPID RESPONSE: First Creditors' Meeting Set for July 10 RESIMAC BASTILLE 2024-2NC: Moody's Ups Rating on Cl. E Notes to Ba1 RIM PACIFIC: McGrathNicol Appointed as Liquidators SKYROCKET PROPERTY: First Creditors' Meeting Set for July 9 C H I N A CHINA VANKE: Secures Another USD872MM Lifeline from Shenzhen Metro FUTURE FINTECH: Peng Lei Resigns as Chief Operating Officer HIGHER GROUND: Deadline to File Claims Set for Aug. 7, 2025 H O N G K O N G FOUR POINT: Suddenly Shuts Restaurant PARKVIEW GROUP: Mulls Selling Artwork to Repay Debt SUPER STAR: Closes Due to High Rents, 50 Workers Left Unpaid TAIPAN BREAD: Shuts Down All Branches After 41 Years I N D I A ANTHONY GARMENTS: CARE Keeps B Debt Rating in Not Cooperating BALAJI TRANSPORT: CRISIL Assigns D Rating to INR21cr Bank Loan CALBORN LIFESCIENCE: CRISIL Assigns D Rating to INR12.5cr Loan CARING HANDS: CRISIL Lowers Rating on INR15cr Term Loan to D CARNATION INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating DEGNA BIOENERGY: CRISIL Moves B+ Ratings from Not Cooperating ECO GOLD: Insolvency Resolution Process Case Summary EKAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category EMERALD JEWEL: CRISIL Lowers Rating on INR100cr Fixed Debts to B ESSEL AHMEDABAD: CARE Keeps D Debt Rating in Not Cooperating FASHIONS LIMITED: CARE Keeps D Debt Ratings in Not Cooperating FRIENDS PAPER: CARE Keeps B- Debt Rating in Not Cooperating FUTURE CONSUMER: CARE Keeps D Debt Ratings in Not Cooperating GOYAL ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating GREENFIELD AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating HIMALAY COLD: CRISIL Keeps D Debt Rating in Not Cooperating IMPERIAL LIFESTYLE: CRISIL Keeps B+ Rating in Not Cooperating INTERNATIONAL MEGA: CRISIL Keeps D Ratings in Not Cooperating LAXMI NARASIMHA: CARE Keeps B- Debt Rating in Not Cooperating LUDHIANA TALWANDI: CARE Keeps D Debt Rating in Not Cooperating MATRUSHREE EXPORTS: Liquidation Process Case Summary MONEYGEAR FINTECH: CRISIL Assigns B+ Rating to INR10cr LT Loan MOTHERS PRIDE: CARE Keeps D Debt Rating in Not Cooperating MOTORCRAFT SALES: CRISIL Withdraws B Rating on INR12cr Loan RATNAA SHREE: CRISIL Lowers Rating on INR6.03cr LT Loan to B SHIVAM MOTORS: CARE Lowers Rating on INR65cr LT Loan to D SHREEPATI STEEL: Insolvency Resolution Process Case Summary SMLASH ISPAT: CRISIL Keeps B- Debt Rating in Not Cooperating SOUTHERN TRAVELS: CRISIL Keeps B- Debt Rating in Not Cooperating STEELEXPERT INDUSTRIES: Insolvency Resolution Process Case Summary SUBHASH STONE: CRISIL Keeps D Debt Rating in Not Cooperating V HOTELS: Lodha Developers to Deposit INR520cr as Security VENKAT ESTATES: Insolvency Resolution Process Case Summary I N D O N E S I A LIPPO KARAWACI: Fitch Affirms 'B-' Long-Term IDR, Outlook Positive J A P A N MARELLI AUTOMOTIVE: U.S. Trustee Appoints Creditors' Committee N E W Z E A L A N D FORWARD INVESTMENTS: Court to Hear Wind-Up Petition on July 11 JADAM LIMITED: Commences Wind-Up Proceedings JITBUG LIMITED: Creditors' Proofs of Debt Due on Aug. 15 NEXUS SERVICES: Court to Hear Wind-Up Petition on July 24 PERFTECH NZ: Court to Hear Wind-Up Petition on July 11 S I N G A P O R E JATF VI: Creditors' Proofs of Debt Due on July 28 MAXDIN PTE: Commences Wind-Up Proceedings MW MAINTENANCE: Court Enters Wind-Up Order SIRIUS TECHNOLOGIES: Creditors' Meeting Set for July 10 SITEIMPROVE PTE: Creditors' Proofs of Debt Due on July 28 - - - - - ================= A U S T R A L I A ================= AVANTI AU 2024-1: Moody's Upgrades Rating on Class E Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued by Avanti AU Auto ABS 2024-1 Trust in respect of the Series 2024-1. Issuer: Avanti AU Auto ABS 2024-1 Trust in respect of the Series 2024-1 Class B Notes, Upgraded to Aa1 (sf); previously on Sep 26, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Sep 26, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Sep 26, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Sep 26, 2024 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the collateral performance to date. No action was taken on the remaining rated classes in the deal, as credit enhancement remains commensurate with their respective current rating. Following the June 2025 payment date, the note subordination available for the Class B, Class C, Class D and Class E Notes has increased to 14.3%, 9.8%, 7.6% and 2.6% respectively, from 11.0%, 7.5%, 5.8% and 2.0% at closing. Current total outstanding notes as a percentage of the total closing balance is 76.8%. As of end-May 2025, 3.2% of the outstanding pool was 30-plus day delinquent and 0.6% was 90-plus day delinquent. The portfolio has incurred 0.5% (as a percentage of the original note balance) of gross losses to date and are covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption of 4.5% of the original pool balance (equivalent to 5.2% of the current pool balance) at closing. Moody's have maintained Moody's Aaa portfolio credit enhancement assumption at 20%. The transaction is a cash securitisation of receivables backed by motor vehicles. The receivables were originated and are serviced by Branded Financial Services Pty Limited, a wholly owned and operated subsidiary of Avanti Finance Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. BLUEBOTTLE DIGITAL: First Creditors' Meeting Set for July 10 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Bluebottle Digital Pty Ltd will be held on July 10, 2025 at 11:00 a.m. via videoconference only. Sam Kaso and Matthew Sweeny of Cor Cordis were appointed as administrators of the company on June 30, 2025. COPPER RESOURCES: Austral Resources to Buy Rocklands Copper Mine ---------------------------------------------------------------- Australian Mining reports that Austral Resources Australia is set to acquire the Rocklands copper mine near Cloncurry, supporting the company's expansion into northwest Queensland. Under the deed of company arrangement, Austral will pay AUD18 million in cash to acquire Rocklands. Australian Mining relates that the company will also complete an equity raising in which Rocklands shareholders will own at least 9.9 per cent of the issued capital of Austral, and 21 million conditional options will be subject to capital raise participation thresholds. Austral has developed the Anthill copper mine, which utilises a contract fleet of excavators and trucks for mining and a road train fleet to deliver ore to the Mt Kelly SX/EW (solvent extraction-electrowinning) processing facility. The company is also advancing the nearby Lady Annie, Cameron River and Miranda copper projects. By bringing Rocklands - which has been on care and maintenance since late 2024 - under its wing, Austral has marked the beginning of its regional consolidation and growth strategy, which aims to establish a copper sulphide processing hub in the Eastern Isa region of Queensland, Australian Mining notes. "The acquisition of Rocklands is not just opportunistic – it is transformational," the report quotes Austral chairman David Newling as saying. "It formalises the first step in our three-phase strategy to consolidate, expand, and ultimately control copper production and processing across the broader northwest Queensland region." According to Australian Mining, the company will also gain access to a three-million-tonnes-per-annum sulphide processing facility, a defined resource base with expansion potential and underground mining viability, integration synergies with nearby known and potential feedstock sources, and potential toll treatment opportunities. Austral said having a dual-processing footprint, comprising oxide from Lady Annie and sulphide from Rocklands, paves the way for Austral to become an integrated and flexible copper producer in Queensland, Australian Mining relays. "Rocklands gives us immediate processing scale, derisked growth optionality, and is a pivotal milestone in building the next-generation copper platform," Mr. Newling said. About Copper Resources Copper Resources Australia Pty Ltd is the operator of the Rocklands Mine Project, located 17km from the township of Cloncurry, in northwest Queensland. Thomas Birch, Stephen Earel and Jeremy Nipps of Cor Cordis, were appointed Voluntary Administrators of Copper Resources Australia Pty Ltd (the Company) on Nov. 21, 2024. DOORKEY PTY: First Creditors' Meeting Set for July 11 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Doorkey Pty Ltd will be held on July 11, 2025 at 10:00 a.m. via virtual meeting only. Leigh Prior of Agile Business Advisory was appointed as administrator of the company on July 1, 2025. LINK MINING: Second Creditors' Meeting Set for July 9 ----------------------------------------------------- A second meeting of creditors in the proceedings of Link Mining Services Pty Ltd has been set for July 9, 2025, at 11:00 a.m. at 22 Market Street, Brisbane Queensland 4000 and by virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 8, 2025 at 5:00 p.m. David Michael Stimpson of SV Partners was appointed as administrator of the company on June 5, 2025. MA MONEY 2023-1: Moody's Upgrades Rating on Class F Notes to Ba3 ---------------------------------------------------------------- Moody's Ratings has upgraded rating on the Class F Notes issued by Perpetual Corporate Trust Limited as trustee of MA Money Residential Securitisation Trust 2023-1. The affected rating is as follows: Issuer: MA Money Residential Securitisation Trust 2023-1 Class F Notes, Upgraded to Ba3 (sf); previously on Nov 28, 2023 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrade was prompted by an increase in credit enhancement available to the affected notes. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current ratings for the respective notes. Following the June 2025 payment date, credit enhancement (including the Retention Amount Ledger) available for the Class F Notes has increased to 2.7%, from 1.3% at closing. Principal collections have been distributed on a sequential basis starting from Class A1 and Class A2 notes. Current outstanding pool balance as a percentage of the closing pool balance is 51.5%. As of end-May 2025, 6.3% of the outstanding pool was 30-plus day delinquent and 2.9% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 2.2% of the outstanding pool balance (equivalent to 1.15% of the original pool balance) from 1.7% of the outstanding pool balance (equivalent to 1.3% of the original pool balance) at the last rating action in September 2024. Moody's have maintained Moody's MILAN CE assumption at 10.3%. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by MA Money Financial Services Pty Ltd, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in this rating was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the rating: Factors that could lead to an upgrade of the rating include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the rating include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. NOW TRUST 2023-1: Moody's Upgrades Rating on Class F Notes to Ba2 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on three classes of notes issued by NOW Trust 2023-1. Issuer: NOW Trust 2023-1 Class D Notes, Upgraded to A2 (sf); previously on Nov 14, 2024 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Nov 14, 2024 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Nov 14, 2024 Upgraded to Ba3 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available to the affected notes. No action was taken on the remaining rated classes in the deal as credit enhancement for these classes remains commensurate with the current ratings. Following the June 2025 payment date, the note subordination available to the Class D, Class E, and Class F Notes has increased to 16.8%, 10.2%, and 7.2% respectively, from 14.9%, 8.1%, and 5.1% at the time of the last rating action in November 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the December 2023 payment date. Current outstanding notes as a percentage of the closing notes balance is 36.4%. As of end-May 2025, 2.85% of the outstanding pool was 30-plus day delinquent, and 0.44% was 90-plus day delinquent. The deal has incurred 4.7% of gross losses (as a percentage of the closing pool balance) to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have increased Moody's expected default assumption to 7.0% of the current balance (equivalent to 7.25% of the original balance) from 6.5% of the outstanding balance (equivalent to 6.82% of the original balance) at the time of last rating action in November 2024. Moody's have maintained Moody's recovery rate assumption at 7.5% and the Aaa portfolio credit enhancement at 29%. The transaction is a cash securitisation of a portfolio of Australian unsecured and secured personal loans originated by Now Finance Group Pty Ltd. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. RAPID RESPONSE: First Creditors' Meeting Set for July 10 -------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Rapid Response Revival Research Limited - Aedata Pty Ltd - Cellaed Life Saver Pty Ltd - First Aid Fast App Pty Ltd - RRR International Pty Ltd - RRR Manufacturing Pty Ltd - RRR research Pty Ltd will be held on July 10, 2025 at 11:00 a.m. via teleconference. Richard Albarran, Aaron Dominish, John Vouris and Brent Kijurina of Hall Chadwick were appointed as administrators of the company on June 30, 2025. RESIMAC BASTILLE 2024-2NC: Moody's Ups Rating on Cl. E Notes to Ba1 ------------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by RESIMAC Bastille Trust in respect of the RESIMAC Series 2024-2NC. The affected ratings are as follows: Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2024-2NC Class B Notes, Upgraded to Aa1 (sf); previously on Aug 21, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Aug 21, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to Baa1 (sf); previously on Aug 21, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Aug 21, 2024 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in subordination available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as their credit enhancement remains commensurate with the current rating for the respective notes. Following the May 2025 payment date, subordination available for the Class B, Class C, Class D, and Class E Notes has increased to 6.3%, 4.1%, 3.2%, and 1.8% respectively, from 5.0%, 3.2%, 2.5%, and 1.4% at closing. Principal collections have been distributed on a sequential basis starting from the Class A1 and Class A2 Notes (together, the Class A Notes). Current outstanding note balance as a percentage of the closing note balance is 75.5%. As of end-April 2025, 2.7% of the outstanding pool was 30-plus day delinquent and 1.2% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected loss assumption at 1.1% of the original pool balance (equivalent to 1.4% of the outstanding pool balance) and Moody's MILAN CE assumption at 6.6% since closing. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Resimac Limited, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. RIM PACIFIC: McGrathNicol Appointed as Liquidators -------------------------------------------------- Linda Smith and Robert Brauer of McGrathNicol were appointed as liquidators of Rim Pacific Pty Ltd on July 1, 2025. SKYROCKET PROPERTY: First Creditors' Meeting Set for July 9 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Skyrocket Property Services Pty Ltd will be held on July 9, 2025 at 11:00 a.m. via virtual meeting technology. Michael Caspaney of Menzies Advisory was appointed as administrator of the company on June 30, 2025. ========= C H I N A ========= CHINA VANKE: Secures Another USD872MM Lifeline from Shenzhen Metro ------------------------------------------------------------------ Yicai Global reports that China Vanke's largest shareholder Shenzhen Metro Group has agreed to grant another CNY6.25 billion (USD872 million) loan, its sixth in six months, to the embattled real estate giant and to extend the term on an existing CNY890 million (USD124.24 million) loan to help the developer manage its mounting debt repayments. Yicai relates that the new CNY6.25 billion loan, which is on top of CNY15.5 billion (USD2.2 billion) that Shenzhen Metro has already lent to Vanke, will be used to repay the principal and interest on the bonds owed by Vanke in the open market, the Shenzhen-based developer said on July 3. The loan has a three-year term, but Vanke can repay it early if both sides agree, it said. Shenzhen Metro can also opt to extend the loan further. The interest rate on the loan is a modest 2.34 percent. In addition, Shenzhen Metro has agreed to extend the May 18 deadline on another loan of CNY890 million to Dec. 31, Vanke said, Yicai relays. As part of the current round of negotiations, Vanke has pledged shares worth not less than CNY2.2 billion (USD310 million) in its property services unit Onewo Space-Tech Service as collateral for an unsecured CNY1.5 billion (USD209.4 million) loan that it borrowed from Shenzhen Metro on May 14. The loan-to-value ratio is 70 percent, much higher than the market norm of between 30 percent and 60 percent, according to Yicai. These loans and extensions will help Vanke meet its public bond obligations, it said. The interest rates are lower than what the banks are currently offering, and the high collateral ratio on the CNY1.55 billion loan reflects Shenzhen Metro's strong support for the company, Yicai adds. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. FUTURE FINTECH: Peng Lei Resigns as Chief Operating Officer ----------------------------------------------------------- Future FinTech Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 13, 2025, it received a resignation letter from Mr. Peng Lei to resign from his position as the Chief Operating Officer, effective on June 15, 2025. Mr. Lei's resignation is not because of any disagreement with the Company, its management and directors. About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. HIGHER GROUND: Deadline to File Claims Set for Aug. 7, 2025 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas set Aug. 7, 2025, as the last date for person or entities to file proofs of claim against Higher Ground Education Inc. and its debtor-affiliates. The Court also set Dec. 15, 2025, as the deadline for all governmental units to file their claims against the Debtors. Persons and entities must file a proof of claim so that it is to received on or before the applicable bar date. Proofs of claim may be submitted: (i) electronically through HGE's website, using the interface available on such website located at https://www.vertiglobal.net/HigherGround, or (ii) by delivering the original proof of claim to, if by first-class mail, hand delivery, or overnight mail: HGE Claims Processing c/o Verita Global 222 N. Pacific Coast Highway Suite 300 El Segundo, CA 90245 If you have questions about this notice, please contact the Debtors' Claims and Noticing Agent, Kurtzman Carson Consultants LLC dba Verita Global, at (888) 733-1431 (U.S./Canada) or (310) 751-2632 (international), or submit an inquiry at http://www.veritaglobal.net/HigherGround/inquiry. About Higher Ground Education Inc. Higher Ground Education Inc. and its subsidiaries operate Montessori schools and provide related training and consulting services worldwide. Founded in 2016, the Group grew to manage more than 150 schools by 2024, with locations across the U.S. and international expansion into Hong Kong and mainland China. It also offers virtual and home-based education, teacher training, and licensing of its content to independent partners. Higher Ground Education Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtors are represented byHolland N. O'Neil, Esq. and Timothy C. Mohan, Esq. at Foley & Lardner LLP and Nora J. McGuffey, Esq. and Quynh-Nhu Truong, Esq. at Foley & Lardner LLP. Sierraconstellation Partners, LLC is the Debtors' Financial Advisor. Verita Global, LLC fka Kurtzman Carson Consultants, LLC is the Debtors' Notice, Claims, Solicitation & Balloting Agent. ================= H O N G K O N G ================= FOUR POINT: Suddenly Shuts Restaurant ------------------------------------- The Standard reports that Four Point Gold Restaurant, a Chinese restaurant in Tseung Kwan O, announced a sudden closure on July 1. "Can't stand up to times, can't stand up to the current market", the restaurant wrote in their announcement, The Standard relays. Known for its affordable Chaozhou cuisine, many residents expressed sadness over the loss of their beloved dining spot, according to The Standard. The restaurant is only left with the last branch in To Kwa Wan, The Standard says citing reports. PARKVIEW GROUP: Mulls Selling Artwork to Repay Debt --------------------------------------------------- Bloomberg News reports that Hong Kong builder Parkview Group is considering selling artwork worth over HK$200 million ($25.5 million) to pay down debt and help secure a refinancing deal linked to one of Beijing's most iconic complexes, according to people familiar with the matter. Bloomberg relates that Parkview is mulling to sell over 300 artworks displayed at Parkview Green to repay a small part of a $940 million loan due in August, the people said, who asked not to be named discussing private matters. The valuation of the art is provided by the company to the banks. The cash-strapped developer has been in months-long talks with banks for the refinancing, which would extend the maturity by three years, the people said. Parkview is offering some other residential properties in Beijing as additional collateral, on top of Parkview Green, according to one of the people. According to Bloomberg, Parkview's credit enhancement proposal comes as worries grow over the builder's ability to repay the facility. Rental income generated from the commercial complex - which includes office towers, a shopping mall, an art center and a boutique hotel - fell short of covering the loan's interest expenses, Bloomberg News reported. Parkview is also among the many smaller Hong Kong developers experiencing liquidity stress as banks tighten their screws by demanding stricter refinancing terms and higher credit enhancements amid a years-long slump in the city's real estate sector, Bloomberg notes. Located in Beijing's central business district, Parkview Green houses art pieces from the likes of Salvador Dali and Chinese artists such as Chen Wenling and Wang Luyan, according to its website. Dali's renowned Dragon Swan Elephant sculpture, is among the artwork potentially up for sale, said one of the people. Separately, Parkview held discussions with international auction house Sotheby's for a loan backed by more than 200 artworks, but the talks hit a standstill, Bloomberg News reported. The company was also tapping private credit for at least HK$2.8 billion in funding, and then managed to secure HK$300 million from investment firm PAG earlier this year. Parkview Group is engaged in construction and development business. SUPER STAR: Closes Due to High Rents, 50 Workers Left Unpaid ------------------------------------------------------------ The Standard reports that the well-known local seafood restaurant, Super Star Seafood Restaurant, has announced its closure, resulting in approximately 50 employees left unpaid for nearly two months. In a public statement released on July 2, the Super Star Group attributed the closure of the last branch at the MOKO shopping center to the challenging business environment and the high rents, The Standard relays. According to The Standard, the group explained the weak local consumer market and the shifts in tourist consumption patterns also harmed its business. Despite efforts to negotiate rent adjustments with landlords, the inability to reach a consensus has strained the restaurant's operations, ultimately leading to its closure, which has been described as a regrettable decision, The Standard relates. Following the restaurant closure, the Eating Establishment Employees General Union and the Federation of Hong Kong and Kowloon Labour Unions are currently assisting 50 affected workers from the Mong Kok branch, according to the report. The Labour Department stated that the involved payments totaled approximately HK$6 million. It is reported that the affected workers were only notified of the closure around 11:00 p.m. on July 1, anticipating that the number of affected employees may continue to rise. Among the workers facing one and a half months of unpaid salary from two months ago as well as unused annual leaves and payment in lieu of notice, the union noted that 15 have sufficient tenure to qualify for severance payments. While the employees are unsure if the company has been making Mandatory Provident Fund (MPF) contributions, they filed a report at the Labour Relations Division office in Mong Kok on July 2 to assess the company's ability to make payments, according to The Standard. If the company is unable to pay, the employees may need to apply to the Protection of Wages on Insolvency Fund. Prior to the closure, there were reports surfaced regarding the group's failure to make MPF contributions for its employees. The Standard say the Mandatory Provident Fund Schemes Authority (MPFA) confirmed that the group had defaulted on MPF contributions, prompting the payment of approximately HK$500,000 in outstanding MPF contributions and surcharges for 220 employees for February 2025 on May 12. The Authority added that the Super Star Group failed to make the MPF contributions and surcharge - about HK$470,000 - for May this year, affecting 190 employees. Founded in 1989, the Super Star Group once reached a peak of 16 branches across the city, but the branch at MOKO was the last remaining location. TAIPAN BREAD: Shuts Down All Branches After 41 Years ---------------------------------------------------- The Star reports that Hong Kong bakery chain Taipan Bread & Cakes, known for its "snow skin" mooncakes, has closed all its branches after 41 years in business. The Star relates that the closure has left 211 employees seeking over HK$32 million (US$4.1 million) in unpaid wages, dismissal compensation, and other debts. The Labour Department is involved in assisting the employees with their claims. The company, which cited "unpredictable and irresistible shocks" as the reason for the closure, had posted notices announcing the immediate cessation of operations on June 24, The Star adds. ========= I N D I A ========= ANTHONY GARMENTS: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Anthony Garments Private Limited (AGPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.45 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 35.10 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 23, 2024, placed the rating(s) of AGPL under the 'issuer non-cooperating' category as AGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2025, April 18, 2025, April 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of AGPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Anthony Garments Private Limited (AGPL) incorporated in the year 2004 by Mr. Joseph Anthony is located at Tirupur, Tamil Nadu. AGPL is engaged in manufacturing and exports of knitwear garments with major focus on ladies/kids wear to Europe. AGPL has 572 sewing machines with stitching capacity of 19000 pieces per day as on March 23, 2022. AGPL also has rotary printing unit established in the year 2017. BALAJI TRANSPORT: CRISIL Assigns D Rating to INR21cr Bank Loan -------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil D/Crisil D' ratings to the bank facilities of Shri Balaji Transport Company (SBTC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 21 Crisil D (Assigned) Cash Credit 7 Crisil D (Assigned) Term Loan 5 Crisil D (Assigned) Working Capital Term Loan 12 Crisil D (Assigned) The ratings reflect delays in servicing of term debt by the firm because of weak liquidity. Moreover, the firm has modest scale of operations and is susceptible to volatility in input cost, intense competition and government policies in the road freight transport segment. However, it benefits from its established market position in the road transport and logistics segment, with wide coverage and an esteemed customer base. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SBTC. Key Rating Driver & Detailed Description Weaknesses: * Delay in serving term debt: The firm has delayed its monthly term debt obligation of INR75 lakh in March 2025 by 25-30 days and in April 2025 by 10 days due to poor liquidity. * Modest scale of operations: Though the revenue has increased from INR8.89 crore in fiscal 2022 to INR49.06 crores in fiscal 2025, it remains modest. Intense competition may continue to constrain scalability, pricing power and profitability. Thus, a significant increase in the scale of operations will remain monitorable. * Susceptibility to volatility in input cost, intense competition and government policies in the road freight transport segment: Operating margin in the intensely competitive logistics industry is vulnerable to volatility in fuel prices, which depend on international crude oil prices. Also, the cost structure and profitability are highly vulnerable to policies at the state and national level related to heavy vehicles and pollution. Strength: * Established market position in the road transport and logistics segment, with wide coverage and esteemed customer base: SBTC has an established market position with a fleet of more than 600 owned trucks and a pan-India presence. Despite intense competition from large players, the wide reach enables the firm to enter new markets and provides bargaining power with suppliers and customers, as well as benefits of economies of scale. Furthermore, the firm secures contracts for providing transport services to major oil corporations such as Indian Oil Corporation Ltd (IOCL; 'Crisil AAA/Stable/Crisil A1+'), Bharat Petroleum Corporation Ltd (BPCL; 'Crisil AAA/Stable/Crisil A1+') and Hindustan Petroleum Corporation Ltd (HPCL; 'Crisil AAA/Stable/Crisil A1+'). Diversification in geographic reach, market coverage and customer base reduces any concentration risk. Liquidity: Poor The company has delayed in servicing its debt obligations, Bank limit utilisation was low at 56.47% on average for the five months through May 2025. Annual cash accruals is expected at INR6-8 crore and will barely cover yearly term debt obligation of INR6.0-6.5 crore over the medium term. The current ratio was 1.5 times on March 31, 2024. The promoters are likely to extend support in the form of equity and unsecured loans to meet working capital requirement and debt obligations. The firm had moderate free cash and bank balance of around INR2 crore as on March 31, 2025. Rating sensitivity factors Upward factors * Timely debt servicing continuously for at least 90 days * Substantial and sustainable increase in revenue and operating margin, leading to higher cash accrual SBTC was established in December 2010 and is based in Gwalior (Madhya Pradesh). The firm is engaged in the transport and logistics business, mainly providing bulk transport services to major oil corporations. SBTC is promoted managed by Anju Jain and managed by Abhishek Jain. CALBORN LIFESCIENCE: CRISIL Assigns D Rating to INR12.5cr Loan -------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil D/Crisil D' ratings to the bank facilities of Calborn Lifescience Pvt Ltd (CLPL). The ratings reflect delay of 17-106 days in servicing term debt obligation and weak financial risk profile. These weaknesses are partially offset by the extensive experience of the promoters in the pharmaceuticals bulk drugs industry. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.91 Crisil D (Assigned) Overdraft Facility 10 Crisil D (Assigned) Term Loan 12.5 Crisil D (Assigned) Term Loan 3 Crisil D (Assigned) Term Loan 8 Crisil D (Assigned) Term Loan 4 Crisil D (Assigned) Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of CLPL. Key Rating Drivers & Detailed Description Weaknesses: * Delay in servicing term debt obligation: The company has been delaying servicing its debt obligation because of insufficient funds. The repayment, which was due on June 4, 2025, was made on June 26, 2025. The bank limit was also fully utilised on the due dates, thereby leaving limited funds to meet the debt obligation. * Weak financial profile: Negative networth limits the company's financial flexibility and restricts the financial cushion available in case of any adverse conditions or downturn in the business. Strength: * Extensive industry experience of the promoters: The promoters have experience of over a decade in the pharmaceuticals bulk drugs industry. This has given them an understanding of the dynamics of the market, and enabled them to establish relationships with suppliers and customers. Liquidity: Poor The company had to delay servicing its debt obligation from February 2025 to July 2025 due to lack of funds. The cash credit facility was utilised at 100% (on average) for the 12 months through June 2025. This was due to stretched working capital cycle following high receivables and inventory levels. Additionally, the company had significant fixed debt obligation against low net cash accrual. Large working capital requirement and leveraged capital structure will continue to constrain liquidity over the medium term. Rating Sensitivity Factors Upward factors * Timely servicing of debt obligation for at least three months continuously * Substantial and sustainable increase in revenue and operating margin, leading to higher-than-expected net cash accrual Incorporated in 2020, CLPL manufactures bulk drugs at its facility in Chhatral, Gandhinagar, Gujarat. It is managed by Mr Nileshkumar Dhruvprasad Patel and Mr Pareshkumar Jayantilal Patel. CARING HANDS: CRISIL Lowers Rating on INR15cr Term Loan to D ------------------------------------------------------------ Crisil Ratings has downgraded its rating on the long term bank facilities of Caring Hands Healthcare Private Limited (CHHIPL) to 'Crisil D' from 'Crisil B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 Crisil D (Downgraded from 'Crisil B/Stable') The rating downgrade reflects irregular account conduct of CHHIPL. There was an instance of delay by CHHIPL in repayment of term loans in the month of May 2025. The rating continues to reflect modest scale exposed to geographic concentration risk amidst nascent stage of operations along with modest financial risk profile. These rating weaknesses are partially offset by the extensive experience of the promoters in the healthcare industry and presence of multiple specialty segments. Analytical Approach Crisil Ratings has treated unsecured loans of around INR4 crores as on 31st March 2024 extended by the promoters, as Neither Debt Nor Equity. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale exposed to geographic concentration risk amidst nascent stage of operations: Unlike other corporate hospital chains which have more diversified presence, this hospital's operations are concentrated in specific region of operation. As a result, it is more susceptible to regional market fluctuations and increased competition from the entry of new players in its area. The same reflects in modest scale of around INR19 crore in FY24 marked by slow ramp-up of operations during the nascent stage. * Modest financial risk profile: Owing to PAT loss during initial year of operations, net worth and gearing remains weak at less than INR(2.5) crore and (5.6) times respectively in FY24. Debt protection metrics continues to remain modest marked by interest coverage and net cash accruals to total debt (NCATD) of around 1.1 times and less than 5% respectively in FY24. Further, with no major debt funded capex plans and consistent accretion to reserves financial risk profile is expected to gradually improve, over the medium term. Strengths: * Extensive experience of the promoters: Presence of over a decade in the health care - hospital industry has enabled promoters to develop a strong understanding of market dynamics and establish healthy relationships with suppliers and customers. * Presence in multiple speciality segments: CHHPL has set up a new unit, equipped with the latest machinery and technology, which should enhance the business risk profile The hospital operates in numerous specialities, with established presence in neurology, orthopedics, cardiac care, liver care, retinal care etc. This led to revenue of around INR19 crore in fiscal 2024, which is likely to increase to around INR25-30 crore in the medium term. Liquidity: Poor Bank limits were moderately utilized at less than 80% for the 12 months through August 2024. Internal cash accrual of less than (INR10 laksh) remains stretched against yearly term debt obligation of around INR2 crore in FY25. Current ratio was moderate at around 1.14 times as on March 31, 2024. Rating sensitivity factors Upward factors: * Significant and sustainable growth in revenue and profitability, leading to sufficient cash accrual of over INR2.5 crores * Improvement in the financial risk profile Downward factors: * Significantly decline in revenue or operating margin continuing to remain less than 8% leading to lower than expected net cash accruals * A substantial increase in working capital requirement or major debt funded capex plans weakening the financial risk profile and liquidity CHHPL was incorporated on December 27, 2021, at Bhagera Ashram, Patna. Dr Satish Kumar Singh, Dr Ghanashyam Timilsina Dr Atul Kumar Tiwari and Dr Raju Ranjan are the promoters. CHHPL has recently set up a 74-bed multispecialty hospital under the name Hiramati - Dr Prabhat Multi-Speciality Trauma and Emergency Hospital at Patna CARNATION INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Carnation Industries Limited (CIL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Short Term Rating 46.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with CIL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CIL continues to be 'Crisil D Issuer not cooperating'. CIL was started in the February, 1983 in Kolkata by Mr. R .P. Sehgal. The company is engaged in manufacturing and export of grey iron and ductile castings (mainly for sanitary and water distribution purposes). DEGNA BIOENERGY: CRISIL Moves B+ Ratings from Not Cooperating ------------------------------------------------------------- Due to non-receipt of No Default Statements (NDS) for three consecutive months, Crisil Ratings, in line with SEBI guidelines, had migrated the rating for bank loan facilities of Degna Bioenergy Private Limited (DBPL) to 'Crisil B+/Stable Issuer Not Cooperating'. However, the rated entity has now shared NDS with Crisil Ratings. Consequently, Crisil Ratings is migrating the rating on bank facilities of SVLPL to 'Crisil B+/Stable' from 'Crisil B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 39.52 Crisil B+/Stable (Migrated from 'Crisil B+/Stable ISSUER NOT COOPERATING') The Rating Rationale dated November 28, 2024 is placed below with necessary updates. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of DBPL. Key Rating Drivers & Detailed Description Weakness: * Exposure to project Implementation risk: The ongoing construction of the project denotes moderate project implementation risk. Delays, cost overruns or unforeseen challenges during the construction can adversely affect the project's timeline and financial performance. These risks can lead to increased working capital requirement and disrupt cash flow. Timely completion of the project and successful stabilisation of operations will remain key rating sensitivity factors. However, DBPL has appointed CEID as the EPC contactor. CEID, a pioneer company in solid/biodegradable waste management, has more than two decades of experience and is approved by MNRE as a technology provider. CEID has successfully facilitated subsidies for more than 20 clients. * High reliance on debt: Total cost of the project is estimated at INR60.66 crore, of which 70% will be financed via long-term borrowing; this results in high dependence on external borrowing. Timely service of this debt will depend on the company's ability to generate healthy cash accrual and achievement of optimum capacity utilisation. However, long-term offtake agreement with IGL provides revenue visibility for repayment of debt. Further, a moratorium period of over two years on term loan and the long repayment tenure of over 10 years provide adequate cushion for stabilisation of cash flow. Also, the plant is eligible for subsidies from MNRE and UPNEDA. Approval is received from the ministry for the subsidies, which will be paid after the production. This should aid the company's liquidity in near to medium term. Strengths: * Presence of long-term agreement for offtake: DBPL has signed a triparty agreement with Gas Authority of India Ltd and IGL for the sale of compressed biogas (CBG) under the CBG-city gas distribution synchronisation scheme. The agreement ensures the sale of the entire 9.6 tonne per day (TPD) of CBG for a duration of 15 years. This offtake arrangement provides a stable revenue stream by securing the sale of the full production capacity, thereby reducing financial uncertainties and enhancing revenue visibility. Liquidity: Stretched The company is availing debt of INR39.52 crore, leading to debt obligation of above INR3.95 crore per annum. The company is expected to commence operations in January 2026 and principal repayment of debt will begin from April 2026 leading to stretched liquidity for initial months. Outlook: Stable DBPL will benefit from its long-term offtake agreement and strong support from the government to promote production of CBG. Rating sensitivity factors Upward factors * Timely commissioning of the plant and sustained operations, with an operating margin of 60-65% * Improvement in the financial risk profile, leading to reduction in gearing Downward factors * Delay in commissioning of the plant, resulting in cost overrun * Failure to ramp up operations following completion of the project by Jan 2026 DBPL, incorporated in February 2023, is establishing a biogas plant in Uttar Pradesh, strategically located to utilise local biodegradable waste. The plant will produce 24,000 cubic metre of raw biogas per day, yielding 9.6 TPD of CBG and biofertilisers as byproducts. The estimated total project cost is INR60.66 crore. Dr Shaksham Mittal and Dr Navin Mittal are directors of the company. ECO GOLD: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: M/s Eco Gold Nutri And Organics LLP Survey No. 337/1/1/2/2, Gram Dakachya, Tehsil Sanwer, District Indore, Gram Dakachya, Madhya Pradesh, India, 453771 Insolvency Commencement Date: June 17, 2025 Estimated date of closure of insolvency resolution process: December 14, 2025 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Anand Mohan Pandeya F-103, AWHO Complex, Uday Vihar, 78- Vijay Nagar, Near Atal Khel Parisar, Indore, Madhya Pradesh, 452010 Email: anand_pandeya@yahoo.com cirp.ecogold@gmail.com Last date for submission of claims: July 12, 2025 EKAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ekam Agro Private Limited (EAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.98 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of EAPL under the 'issuer non-cooperating' category as EAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ekam Agro Private Limited (EAPL) is a private limited company incorporated in November, 2012 and is managed by Mr Harish Kumar Kalra, Ms Shilpa Kasrija, Ms Rashee Angi and Mr Vipul Kalra. However, the company commenced operations in November, 2014. EAPL is engaged in the refining of edible oils such as rice bran oil, mustard oil, cotton seed oil, at its processing facility located in Muktsar (Punjab). EAPL has two associate concerns, namely, Evershine Solvex Private Limited and Mithan Lal Kalra Rice Mills (MKRM). ESPL is engaged in extraction of rice bran oil since 1983. MKRM is a partnership firm engaged in rice milling since 1977. EMERALD JEWEL: CRISIL Lowers Rating on INR100cr Fixed Debts to B ---------------------------------------------------------------- Crisil Ratings has revised the rating on Fixed Deposits of Emerald Jewel Industry India Limited (EJIIL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fixed Deposits 100 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with EJIIL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EJIIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EJIIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on Fixed Deposits of EJIIL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Incorporated in 2004, EJIIL is engaged in manufacturing and trading of gold, platinum, diamond and silver jewellery. The company has four manufacturing facilities in Coimbatore, Tamil Nadu, and 14 retail stores across India. Mr K Srinivasan is the promoter. EJIIL retails gold under the brand, JewelOne, through its 14 showrooms across the country. The company also derives a small amount of revenue through the shop-in-shop model. It also has presence in silver jewellery under the brand, Zilara. ESSEL AHMEDABAD: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Essel Ahmedabad Godhra Toll Roads Limited (EAGTRL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 772.64 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of EAGTRL under the 'issuer non-cooperating' category as EAGTRL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EAGTRL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2009-10, EAGTRL is a Special Purpose Vehicle (SPV) promoted by Essel Infra projects Ltd (EIL), which has a 74 per cent stake in the SPV; the rest is held by the China Railway 18th Bureau Group Corporation Ltd. EAGTL was set up to construct, design, engineer, operate, and maintain the Ahmedabad-Godhra (Gujarat) stretch on National Highway (NH) 59, which spans 117.6 kilometres, on a build-operate transfer (BOT) basis. FASHIONS LIMITED: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Future Lifestyle Fashions Limited (FLFL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 867.98 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 475.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 350.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), vide its press release dated June 28, 2024, had reviewed the ratings of FLFL under the 'issuer not-cooperating' category, as the company had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. The company continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 14, 2025, May 24, 2025, June 3, 2025, and June 4, 2025, among others. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information, which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Consolidated (the list of entities has been mentioned below in Annexure-6). Outlook: Not applicable At the time of last rating on June 28, 2024, the following was the key rating weakness (updated for the information available from stock exchange): Detailed description of key rating drivers: Key weakness * Delays in servicing of debt obligation: The company has failed to service its debt repayment obligation. The National Company Law Tribunal (NCLT) on May 4, 2023, had admitted FLFL for corporate insolvency resolution process (CIRP) under Insolvency and Bankruptcy Code (IBC). The tribunal has appointed an IRP to take over the management of the company. Bank Of India, the lead financial creditor had moved the NCLT under the IBC after the company defaulted on payments. * Information as per stock exchange update: The resolution plan by Space Mantra Pvt Ltd for Future Lifestyle Fashions Ltd was approved by the Committee of Creditors on 27th September 2024. As per news article, Space Mantra had withdrawn its resolution plan, after the Committee of Creditors had approved it. The 27th meeting of the Committee of Creditors was held on April 30, 2025. FLFL is a part of the Future Group. FLFL is in the business of managing the lifestyle fashion segment of the Future Group. It has a portfolio of fashion brands that cover a range of fashion categories including formal menswear, casual wear, active or sportswear, women's ethnic wear, women's denim wear, women's casual wear, footwear and accessories and are present across various price points. The company as on March 31, 2022, operate 180 stores having a retail space of 2.50 million sq. ft. As on July 28, 2023, FLFL has 26 leased stores that are operational and an employee strength of 168. FRIENDS PAPER: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Friends Paper Mills (FPM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.69 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of FPM under the 'issuer non-cooperating' category as FPM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FPM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Friends Paper Mills (FPM) was established in December, 2016 as a partnership firm and is currently being managed by Mr. Sujeet Kumar Julka, Mr. Rohit Sharma, Mr. Kashish Julka, Mr. Shahbaz Singh, Mr. Ramesh Kumar Sharma and Mr. Avtar Singh, as its partners. The firm is engaged in the manufacturing of craft papers at its manufacturing facility located in Pathankot, Punjab. The firm sells the finished goods to various authorised dealers based in Punjab, Himachal Pradesh and Jammu & Kashmir. Besides FPM, some of the partners are also associated with another group concerns namely, Amandeep Hospital and Sharma Diagnostic Centre, Batala. FUTURE CONSUMER: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Future Consumer Limited (FCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 102.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 305.75 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), vide its press release dated June 28, 2024, has reviewed the ratings of FCL under the 'issuer not-cooperating' category as the company had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. The company continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 14, 2025, May 24, 2025, June 3, 2025, and June 4, 2025, among others. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information, which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weakness * Weak financial profile: FCL reported total operating income (TOI) of INR0.56 crore and net loss of INR41.94 crore in FY25. The company has defaulted on payment of interest/repayment of principal amount on loans from banks/financial institution and unlisted debts securities as on March 31, 2025. The company reported its total financial indebtedness of INR526.51 crore as on March 31, 2025, including both principal and bank interest default FCL (erstwhile known as Future Consumer Enterprise Ltd.) is a part of the Future Group and operates as a food company. The company's line of business include branding, marketing, sourcing, manufacturing, and distribution of basic foods, ready-to-eat meals, snacks, beverages, dairy, personal hygiene, and home care products of private label brands of the Future Group (such as Premium Harvest, Golden Harvest, Ektaa, Clean mate, Caremate, Tasty Treat, Fresh & Pure, and Voom among others and other brands like Sunkist and Sach, primarily through Future group formats and outlets in urban and rural areas across India. GOYAL ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Goyal Ispat Private Limited (GIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GIL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it was purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL has a thermo-mechanically treated bar manufacturing facility in Chennai. GREENFIELD AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Industries (GAI) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 2.3 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GAI for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GAI continues to be 'Crisil B+/Stable Issuer not cooperating'. GAI was established as a partnership firm between Mr Praveen Kumar, Mr Akshay Kumar, and Ms Alka Gill in May 2017. Commercial production began in January 2018. The firm mills and sorts basmati rice. The manufacturing unit is in Karnal, total capacity of which is 8 tonne per hour. HIMALAY COLD: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Himalay Cold Storage (HCS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HCS for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HCS continues to be 'Crisil D Issuer not cooperating'. HCS is a partnership firm set up in 2007 by Padhiyar Family, the firm is based at Deesa, Banaskantha (Gujarat). IMPERIAL LIFESTYLE: CRISIL Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on Non Convertible Debentures of Imperial Lifestyle Private Limited (Imperial) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 38 CRISIL B+/Stable (ISSUER NOT Debentures COOPERATING) Crisil Ratings has been consistently following up with Imperial for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Imperial, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Imperial is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on Non Convertible Debentures of Imperial continues to be 'Crisil B+/Stable Issuer not cooperating'. Imperial was incorporated in Oct 2013 and promoted by Mr. Gangaram Mukund and family. It is a part of Imperial Group which was earlier known as Shree Ganesh Builders from 2001 to 2013. The company is developing a residential project “Imperial Splendora” located in Vasai East. INTERNATIONAL MEGA: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of International Mega Food Park Limited (IMFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 15 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 26.4 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 33.5 CRISIL D (Issuer Not Cooperating) Term Loan 14.03 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IMFPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IMFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IMFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IMFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2010 as a closely held public limited company and special-purpose vehicle, IMFPL has set up a mega food park under the ministry of food processing industries' Mega Food Parks' scheme at village Dabwala Kalan in Punjab. Total project cost of INR1364 million is being funded with term debt of INR564 million, promoters' contribution of INR300 million, and Government of India grant of INR500 million. Key promoters include International Fresh Farm Products Pvt Ltd, Narain Exim Corporation, and Citrus Estates. The project is expected to provide adequate infrastructure facilities for food processing along the entire value chain. Major revenue streams will be retailing and wholesaling of dairy and agricultural products, rentals from food processing and cold storage facilities, and selling power to Punjab State Electricity Board from its biomass power plant. Operations of the dairy, cold storage, and warehousing segments commenced in February 2014, while the biomass plant is expected to start operating in April 2015. LAXMI NARASIMHA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Laxmi Narasimha Homes Private Limited (SLNHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 23, 2024, placed the rating(s) of SLNHPL under the 'issuer non-cooperating' category as SLNHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLNHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2025, April 18, 2025, April 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Laxmi Narasimha Homes Private Limited (SLNHPL) was incorporated on July 27, 2015, has a corporate office in Hyderabad and is being promoted by Mr. P. Narasimha Raju and his wife Mrs. P. Vara Lakshmi. Mr. P. Narasimha Raju has more than 4 decades of experience in the civil construction industry and is one of the promoter directors of NCL Industries Ltd. SLNH has ventured into its maiden real estate development at Ibrahimpatnam, Vijayawada, Andhra Pradesh in February 2019. LUDHIANA TALWANDI: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ludhiana Talwandi Toll Roads Private Limited (LTTRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 523.95 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of LTTRPL under the 'issuer non-cooperating' category as LTTRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LTTRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in January 2011, LTTRPL is a special purpose vehicle (SPV) promoted by Essel Infraprojects Limited and Pan India Network Limited (PINL) - holding 74% and 26% equity stake respectively, to undertake the four laning of the Ludhiana to Talwandi section of NH-95 from 92 km to 170 km under the National Highway Development program (NHDP) Phase III on Design, Build, Finance, Operate and Transfer (DBFOT) toll basis. MATRUSHREE EXPORTS: Liquidation Process Case Summary ---------------------------------------------------- Debtor: MATRUSHREE EXPORTS PVT LTD. 5-C, TRISHLA BLDG., 122, SHEIKH MEMON STREET, MUMBAI 400 002, Maharashtra, India Liquidation Commencement Date: November 24, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Udaykumar Bhaskar Bhal B-304 Goldville, Signature Park, Aundh Ravet Road, Dange Chowk, Thergaon, Pune-411033 Email: udaybhat2805@gmail.com Last date for submission of claims: June 14, 2025 MONEYGEAR FINTECH: CRISIL Assigns B+ Rating to INR10cr LT Loan -------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the proposed long-term bank facility of Moneygear Fintech Private Limited (MFPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility 10 Crisil B+/Stable (Assigned) The rating reflects modest scale of operations, with short track record, and modest resource profile. These weaknesses are partially offset by adequate capital position of MFPL. Moneygear Fintech Private Limited received its NBFC license from Reserve Bank of India (RBI) in October 2020 and started operations in January 2021. The scale of operations of MFPL remains modest with AUM of INR28.9 crore as on March 31, 2025, which has grown from INR3.92 crore as as on March 31, 2022. Till 2024 the company was primarily engaged in online gold loan financing to individual borrowers in Bangalore. From April 2024 onwards the company started offering business loans and auto loans. The company is operating with single branch as on date. The company has maintained its asset quality with nil 90+ days past due (dpd) since the start of its operations. Even though the company has maintained sound asset quality so far, the track record of repayment is limited. Further the disbursements for business loans and auto loans have only commenced since April 2024 and hence have not completed one full cycle. The ability of the company to sustain its asset quality metrics as it scales up will be key monitorable. Analytical Approach Crisil Ratings has evaluated the business and financial risk profiles of MFPL on standalone basis. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations with short track record: Given the low vintage of operations, loan portfolio was modest at INR28.9 crore as on March 31, 2025. The company currently operates in single district in Bangalore. MFPL was incorporated on March 22, 2021, and was mainly operating in gold financing till March 2024. The company started offering business loans and auto loans from April 2024 which contributes 55% to overall portfolio as of March 2025. Therefore, the majority of portfolio lacks seasoning and the ability of the company to manage its asset quality as the portfolio scales up remains to be seen and would continue to be a key monitorable. * Modest resource profile: The company has modest resource profile with negligible borrowings from banks or FIs. The company borrows mainly from directors and shareholders. There is no interest payment charged on these loans. The management is currently in discussion with couple of banks to raise funds, the company's ability to achieve the same will remain monitorable Strength: * Adequate capital position: Given the small scale of operations, the capital position is adequate for the current and planned scale of operations. The networth and gearing of the company stood at INR8.1 crore and 2.6 times as on March 31, 2025, respectively (INR7.33 crore and 0.9 times as on March 31, 2024). The promoters have demonstrated their commitment to the company by infusing INR7 crore in equity since its inception. The capital position is also supported by accretion of profits. The company has earned profit of around INR1 crore during the past 2-3 fiscals. Furthermore, most of the company's borrowings are interest-free loans from promoters and related parties. However, the ability of the company to infuse additional capital to support the growth of the company will be key monitorable. Liquidity: Stretched The liquidity position of the company stands supported by the availability of credit lines from the promoters as and when required. The liquidity balance as on May 31, 2025, stood at 0.53 crores against which the debt repayments including operating expenses for 3 months i.e., till August 2025 stood at INR0.61 crores. (Interest payments of INR0.43 Crores and operating expenses of INR0.18 Crores) Outlook: Stable MFPL will continue to benefit from its adequate capitalisation metrics. Rating sensitivity factors Upward factors * Improvement in scale of operations and enhance geographic diversity * Asset quality in terms of 90+ dpd maintained below 2% * Ability to raise funds in order to support growth Downward factors * Deterioration in asset quality, with gross net performing assets (90+ dpd) increasing to above 2% * Negative impact on earnings profile due to deterioration in asset quality MFPL, is a Bangalore based NBFC. The company started its operations in January 2021 after obtaining its NBFC license in October 2020. As on March 31, 2025, the company operates in single district of Bangalore and is currently serving more than 1700 customers. MOTHERS PRIDE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mothers Pride Dairy India Private Limited (MPDIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of MPDIPL under the 'issuer non-cooperating' category as MPDIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPDIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Mothers Pride Dairy India Private Limited (MPDIPL) was incorporated in September 2014 and is primarily engaged in manufacturing of milk and milk products like Desi Ghee, Paneer, Butter milk, yogurt, flavoured milk and processed milk. The promoters of the company are Mr Anant Kumar Choudhary, Mrs. Shalini Choudhary and Ms. Sonia Gandhi. Mr Anant Kumar Choudhary is also one of the promoters of SBS Transpole Logistics Private Limited engaged in logistics and have an experience of more than 10 years. They are supported by highly qualified and experienced management team with understanding of the dairy sector. The company has set up a milk processing plant at Anandpur, Bahjoi, Sambhal (U.P.) The company has commenced operations from Oct 2016 and the products are marketed under the brand "freshmen's valley". MOTORCRAFT SALES: CRISIL Withdraws B Rating on INR12cr Loan ----------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Motorcraft Sales Private Limited (MSPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory 1.3 CRISIL B/Stable (ISSUER NOT Funding COOPERATING) (Withdrawn) Facility Inventory 3.7 CRISIL B/Stable (ISSUER NOT Funding COOPERATING) (Withdrawn) Facility Inventory 6.0 CRISIL B/Stable (ISSUER NOT Funding COOPERATING) (Withdrawn) Facility Inventory 12.0 CRISIL B/Stable (ISSUER NOT Funding COOPERATING) (Withdrawn) Facility Working 1 CRISIL B/Stable (ISSUER NOT Capital COOPERATING) (Withdrawn) Facility Crisil Ratings has been consistently following up with MSPL for obtaining information through letter and email dated April 19, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of MSPL to 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2007, MSPL has a dealership for MSIL's cars. It has three showrooms two in Sahibabad and one in Modi Nagar, in Ghaziabad and four workshops. The company is promoted by Mr Jayesh Desai and his wife, Mrs Mona Desai. MIPL was incorporated by Mr and Mrs Desai in 1995. It operates four authorised workshops for MSIL in Noida. In fiscal 2016, it acquired IIPL to start a new workshop. MIPL owns 45% equity stake in MSPL. RATNAA SHREE: CRISIL Lowers Rating on INR6.03cr LT Loan to B ------------------------------------------------------------ Crisil Ratings has revised the ratings on bank facilities of Ratnaa Shree Anandhaas Hotels Private Limited (Anandhaas) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 6.03 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Overdraft Facility 0.2 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Overdraft Facility 1.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Overdraft Facility 2.3 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Term Loan 1.19 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Working Capital 0.78 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Anandhaas for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Anandhaas, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Anandhaas is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Anandhaas revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Incorporated in 1998, as a partnership firm 'Shree Anandhaas', later converted to a private limited company, Ratnaa Shree Anandhaas Private Limited runs a chain of restaurants in Coimbatore, under the brand name 'Anandhaas'. The company is promoted and managed by Mr. V Purushotham and Mr. Manikanden. SHIVAM MOTORS: CARE Lowers Rating on INR65cr LT Loan to D --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shivam Motors Private Limited (SMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 65.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and downgraded from CARE B-; Stable Short Term Bank 16.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING and downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of SMPL under the 'issuer non-cooperating' category as SMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPL continues to be non-cooperative despite repeated requests for submission of information through e-mail dated June 26, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The rating revision also considers delays in debt servicing as recognized from publicly available information. Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1983, Shivam Motors Private Limited is the sole supplier of commercial vehicles of Tata Motors and spare parts in the seven districts of Chhattisgarh namely Bilaspur, Korba, Janjgir, Surguja, Koriya, Raigarh and Jashpur. The company is promoted by Mr Kailash Gupta, Mr Raghav Gupta and his family members. SHREEPATI STEEL: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: M/s Shreepati Steel Tubes Private Limited 254, Taraganj, A.B. Road, Sarangpur, Rajgarh, Sarangpur, Madhya Pradesh, India, 465697 Insolvency Commencement Date: June 16, 2025 Estimated date of closure of insolvency resolution process: December 13, 2025 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Gagan Jhavar 3, Royal Residency, Pipliyahana, Opp. Kothari College, Indore, Madhya Pradesh, 452018 Email: jhavar_co@yahoo.com Email: sstpl.cirp@gmail.com Last date for submission of claims: July 1, 2025 SMLASH ISPAT: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Smlash Ispat Private Limited (Smlash continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Smlash for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Smlash, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Smlash is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Smlash continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in September 2012 and based out of Thrissur, Kerala, Smlash is engaged in production of Galvanised (GP) coil. The company is promoted by Mr. A. I. Shalimar, Mr. P. A. Mohammed Hazeem, Mr. A. P. Asad, Mr. E. S Mohammed Ali and Mr. P. K Abdul Rahman. SOUTHERN TRAVELS: CRISIL Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Southern Travels Private Limited (STPL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 7 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with STPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Established in 1970 as a partnership firm, Delhi-based STPL was reconstituted as a private limited company in 1995. It provides multi-product travel services, such as travel and tour packages, car rental and hospitality services. Mr Alapati Krishna Mohan, Mr Alapati Venkateswara Rao, Mr A Venkata Praveen Kumar and Ms Divya Alapati are the promoters of the company. STEELEXPERT INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Steelexpert Industries (Indore) Private Limited (formerly known as Steelexpert Industries (Indore) Limited] 7, Hathi Pala Road, Juni Indore, Indore (M.P.) 452001 Insolvency Commencement Date: June 12, 2025 Estimated date of closure of insolvency resolution process: December 9, 2025 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Anuj Maheshwari "Pranam", 5, Tulsi Villa, 3/1, Old Palasia, Greater Kailash Road, Indore (M.P.) 452018 Email: ipanujmaheshwari@gmail.com Email: cirp.steelexpert@gmail.com Last date for submission of claims: July 3, 2025 SUBHASH STONE: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Subhash Stone Industries Private Limited (SSIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSIPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSIPL continues to be 'Crisil D Issuer not cooperating'. SSIPL was incorporated in 1995, is engaged in crushing of various sizes of boulders (large stones), which are picked/extracted from the riverbed (largely five sizes of boulders namely 10mm, 20mm, 30mm, 40mm and 60mm and dust). Mr Subhash Chand, Mr Suresh Chand and Mr Ajay Kumar are the promoters of the company. V HOTELS: Lodha Developers to Deposit INR520cr as Security ---------------------------------------------------------- The Economic Times reports that Lodha Developers Ltd has been directed to deposit INR520.80 crore as security in the Supreme Court against V Hotels Ltd, which the company acquired last year through an insolvency process. In a regulatory filing on July 2, Lodha Developers Ltd informed that this matter is related to proceedings initiated by the Enforcement Directorate (ED) against the erstwhile promoter of V Hotels Ltd (VHL), ET says. This was in relation to a transaction of INR520.80 crore, allegedly routed through VHL before the start of the insolvency process. Lodha expects that the matter will be heard expeditiously in the apex court and the deposit will be released. In April last year, Lodha Developers Ltd announced the takeover of VHL through the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016. In the filing, the company said it acquired VHL in 2024 and paid the consideration to various creditors based on the approved resolution plan, ET recalls. The approval of the resolution plan was also upheld by the Supreme Court vide its order dated Sept. 29, 2024. "This intimation is related to proceedings initiated by the Enforcement Directorate against the erstwhile promoter of VHL - Kerkar family in relation to their transactions in Cox & Kings group to the tune of INR520.80 crore, allegedly routed through VHL before the commencement of CIRP," Lodha Developers said. The matter was heard by the Bombay High Court, and it was held that the proceedings cannot be continued against VHL since the issue relates to actions of the erstwhile promoters prior to the commencement of CIRP. "The appeal against this order was heard by the Supreme Court, and it has been decided that Lodha Developers will deposit a sum of INR520.80 crore as security since this is the maximum claim in the matter. Upon this deposit, there is no other claim on VHL's properties or other assets. We expect the matter to be expeditiously heard and the deposit to be released in due course," the filing, as cited by ET, said. V Hotels Ltd was admitted into the insolvency process in May 2019. VENKAT ESTATES: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/S. VENKAT ESTATES PRIVATE LIMITED Flat No.254, 5h Floor, Rajnigandha Block, Garden Apartments, Vittal Mallya Road, Opp. U.B City, Bangalore, Karnataka-560 001 Insolvency Commencement Date: June 4, 2025 Estimated date of closure of insolvency resolution process: December 8, 2025 Court: National Company Law Tribunal, Bangalore Bench Insolvency Professional: Raghunathan Krishnasamy 90/180, Second Main, Kariyanapalaya, St. Thomas Town Post, Bangalore, Karnataka 560 084 Email: cmaraghu@gmail.com Raghu & Associates S-212, Second Floor, South Block Manipal Centre, Dickenson Road Bangalore, Karnataka 560 042 Email: veplcirp2025@gmail.com Last date for submission of claims: June 24, 2025 ================= I N D O N E S I A ================= LIPPO KARAWACI: Fitch Affirms 'B-' Long-Term IDR, Outlook Positive ------------------------------------------------------------------ Fitch Ratings has affirmed Indonesia-based PT Lippo Karawaci Tbk's (LPKR) Long-Term Issuer Default Rating (IDR) at 'B-'. The Outlook is Positive. Fitch Ratings Indonesia has affirmed LPKR's National Long-Term Rating at 'BBB-(idn)' with a Positive Outlook. Fitch has simultaneously withdrawn all the ratings. The affirmation reflects Fitch's view that LPKR will sustain annual contracted sales (excluding PT Lippo Cikarang Tbk, or LPCK) of around IDR4 trillion over the next two to three years, with a manageable debt maturity profile. The Positive Outlook reflects its expectation that LPKR's financial profile will maintain the improvement from its recent deleveraging, utilising proceeds from a partial stake sale of PT Siloam International Hospital (SILO). 'BBB' National Ratings denote a moderate level of default risk relative to other issuers or obligations in the same country or monetary union. Fitch has chosen to withdraw the ratings on LPKR for commercial reasons. Key Rating Drivers Fully Domestic Debt Mix: LPKR (excluding SILO and LPCK) now has only rupiah-denominated bank loans. LPKR sold a 28.98% stake in SILO for around IDR10 trillion in 2024, reducing its holding to 29.09%. It utilised IDR8 trillion of the sales proceeds for debt repayment, including redemption of both its US dollar notes due in 2025 and 2026, and partial prepayment of a bank loan. The debt maturity profile has also smoothened from bonds repayment, as it now only has amortising bank loans in its debt mix. Fitch expects LPKR's net leverage (net debt/net property assets), excluding LPCK, to stay below 10% (2024: 4.2%, 2023: 65%) in the absence of any corporate actions resulting in aggressive new debt incurrence. Net leverage in 2024 benefited from a high year-end cash balance of IDR4.7 trillion, which included around IDR2 trillion of SILO stake sale proceeds earmarked for other business purposes. LPKR spent a total of IDR1.2 trillion, including an IDR750 million advance in 2024, on LPCK's IDR1.5 trillion rights issuance in April 2025. Improving Cash Flow: Fitch expects LPKR to have positive FCF in the next two to three years. FCF should partly benefit from the reductions in total and foreign-currency debt, along with associated hedging costs. LPKR's US dollar notes made up 16% of total debt at end-2024, down from 46% at end-2023, in addition to the fully domestic debt mix. These improvements will be partly offset by a decline in annual dividend income from SILO and others to under IDR100 billion from 2026 (2025 forecast: nil, 2024: IDR151 billion), due to the reduced stake in SILO. LPKR previously used asset disposals and one-off bulk land sales to SILO, one of its prime assets, to generate additional cash flow, but Fitch believes these ad hoc liquidity sources have shrunk with the stake reduction. A sustained improvement in operating cash flow will therefore be crucial to supporting a higher rating. Steady Pre-Sales: LPKR's marketing pre-sales, excluding land sales and LPCK, rose by 18% yoy to IDR922 billion in 1Q25, contributing 24% of Fitch's 2025 pre-sale estimate of IDR4 trillion (2023: IDR3.8 trillion). Fitch expects pre-sales to rise from new launches and a supportive economic environment from an expected decline in interest rates and steady GDP growth. Fitch projects annual land sales to decline to IDR50 billion from a historical average of IDR400 billion, in line with management's plan. LPKR previously sold large land parcels to SILO for its hospital expansion. Some Unencumbered Land Bank: LPKR's unencumbered assets, excluding land inventory booked under LPCK, comprises around IDR13.2 trillion of land at book value that was mostly unpledged at end-March 2025. It may face challenges, however, in mortgaging the land bank if the land is not contiguous. Furthermore, some portion of vacant land is needed to launch new developments. Ratings Based on Standalone Profile: Fitch assesses LPKR's ratings based on the standalone company and closely held subsidiaries, and exclude its key listed subsidiary, LPCK. This is to reflect limited cash fungibility between LPKR, which is the obligor of most of the consolidated group's debt, and LPCK. LPKR has deconsolidated SILO following the stake sale and classifies it as an associate starting from 10 June 2024. This has no impact on its rating case, as Fitch has been excluding SILO for LPKR's rating assessment. Peer Analysis LPKR can be compared with close Indonesia-based peer PT Kawasan Industri Jababeka Tbk (KIJA; IDR: B-/Stable; National Rating: BB+(idn)/Stable) on both the international and national rating scales. KIJA's rating is constrained by its small pre-sales scale, which Fitch expects to remain around IDR1 trillion in the next few years compared with LPKR's around IDR4 trillion. KIJA has high exposure to industrial land sales, which could be more volatile in economic downturns, while LPKR has higher exposure to less-cyclical residential sales. KIJA's profile, however, benefits from non-development income from its power plant, dry port and estate-management services, which covers its interest expense by more than 1x. Fitch believes both companies have similar liquidity profiles, with manageable loan amortisations in the next two-to-three years. LPKR's larger pre-sales than KIJA is reflected in its Positive Outlook. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer Include: - Pre-sales, excluding LPKR's bulk land and LPCK, of around IDR4 trillion a year in 2025-2026; - FCF to stay above IDR100 billion annually; - Average annual dividend income from key subsidiaries of IDR50 billion during 2026-2027, after no dividend income in 2025; - Small but improving EBITDA from recurring-income businesses, such as hotels, malls and property management. RATING SENSITIVITIES Not relevant since the ratings have been withdrawn. Liquidity and Debt Structure LPKR had cash of around IDR2.6 trillion at end-March 2025 against IDR360 billion in debt maturing within a year. Fitch expects accumulated cash and cash flow from operations over the next few years will largely be sufficient to cover annual debt maturities, which are well spread out due to their amortising nature. Fitch expects the debt maturities to rise above IDR500 billion from 2026. Fitch believes the recent deleveraging should strengthen LPKR's funding access and help cover liquidity gaps. Issuer Profile LPKR is an Indonesia-based homebuilder with over 1,000 hectares of land bank, which the company says is sufficient for more than a decade of development. It also has a small portfolio of investment properties consisting of retail malls and hotels, and a property and portfolio management business. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PT Lippo Karawaci Tbk LT IDR B- Affirmed B- Natl LT BBB-(idn) Affirmed BBB-(idn) LT IDR WD Withdrawn Natl LT WD(idn) Withdrawn LC LT IDR B- Affirmed B- LC LT IDR WD Withdrawn ========= J A P A N ========= MARELLI AUTOMOTIVE: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Marelli Automotive Lighting USA, LLC and its affiliates. The committee members are: 1. Nissan North America, Inc. Attn: Joseph Hession 1 Nissan Way Franklin, TN 37067 Phone: 615-725-1000 Email: joseph.hession@nissan-usa.com 2. Robert Bosch LLC Attn: Adam Wienner 38000 Hills Tech Drive Farmington Hills, MI 48331 Phone: 248-876-6651 Email: adam.wienner@us.bosch.com 3. Mazda North American Operations Attn: Christopher Wilson 200 Spectrum Center Drive, Suite 100 Irvine, CA 92618 Email: cwilso70@mazdausa.com 4. Tesla, Inc. Attn: Keith Porapaiboon Giga Texas, 1 Tesla Road Austin, TX 78725 Phone: 650-681-5000 Email: contractnotices@tesla.com 5. Covestro LLC Attn: Joseph Fischer 1 Covestro Circle Pittsburgh, PA 15205 Phone: 412 413-5619 Email: joseph.fischer@covestro.com 6. Avnet, Inc. Attn: Dennis Losik 2211 S. 47th Street Phoenix, AZ 85034 Phone: 847-396 7401 Email: dennis.losik@avnet.com 7. Johnson Matthey Plc Attn: Amy Donohue-Babiak 1397 King Road West Chester, PA 19380 Phone: 610-971-3084 Email: amy.donohue-babiak@matthey.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Marelli Automotive Lighting USA Marelli Automotive Lighting USA LLC is a global automotive parts supplier based in Saitama, Japan. The Company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli Automotive Lighting USA LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' Restructuring Advisor. PJT Partners Inc. is the Debtors' Investment Banker. Kurtzman Carson Consultants, LLC, dba VERITA GLOBAL, is the Debtors' notice and claims agent. ===================== N E W Z E A L A N D ===================== FORWARD INVESTMENTS: Court to Hear Wind-Up Petition on July 11 -------------------------------------------------------------- A petition to wind up the operations of Forward Investments Marlborough Limited will be heard before the High Court at Blenheim on July 11, 2025, at 10:00 a.m. Miriam Joan Radich (as executor of the estate of Philippa Muir Ireland) filed the petition against the company on March 18, 2025. The Petitioner's solicitor is: Dylan James Pine Level 3, 35 High Street Auckland Central Auckland 1010 JADAM LIMITED: Commences Wind-Up Proceedings -------------------------------------------- Members of Jadam Limited on June 12, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Iain Andrew Nellies c/- Insolvency Management Limited PO Box 1058 Dunedin 9054 JITBUG LIMITED: Creditors' Proofs of Debt Due on Aug. 15 -------------------------------------------------------- Creditors of Jitbug Limited, Garden Home Limited, Gurjeev Holdings Limited, Gurhar Holdings Limited and Junction Cafe Limited are required to file their proofs of debt by Aug. 15, 2025, to be included in the company's dividend distribution. Jitbug Limited and Garden Home Limited commenced wind-up proceedings on June 22, 2025. Gurjeev Holdings Limited, Gurhar Holdings Limited and Junction Cafe Limited commenced wind-up proceedings on June 23, 2025. The company's liquidator is: Benjamin Francis Blacklock Rose Limited PO Box 6709 Victoria Street West Auckland 1142 NEXUS SERVICES: Court to Hear Wind-Up Petition on July 24 --------------------------------------------------------- A petition to wind up the operations of Nexus Services Limited will be heard before the High Court at Christchurch on July 24, 2025, at 10:00 a.m. Buffer Premium Limited filed the petition against the company on June 4, 2025. The Petitioner's solicitor is: Oscar Joseph Ward Urlich Milne Lawyers Limited 3 Owens Road Epsom Auckland 1023 PERFTECH NZ: Court to Hear Wind-Up Petition on July 11 ------------------------------------------------------ A petition to wind up the operations of Perftech NZ Limited will be heard before the High Court at Auckland on July 11, 2025, at 10:45 a.m. Fielden Metalworks Limited filed the petition against the company on May 5, 2025. The Petitioner's solicitor is: Olly Peers Buddle Findlay Level 3, 33 Cathedral Square Christchurch Email: olly.peers@buddlefindlay.com ================= S I N G A P O R E ================= JATF VI: Creditors' Proofs of Debt Due on July 28 ------------------------------------------------- Creditors of JATF VI (Singapore) Pte. Ltd. are required to file their proofs of debt by July 28, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 23, 2025. The company's liquidators are: Marie Lee Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 MAXDIN PTE: Commences Wind-Up Proceedings ----------------------------------------- Members of Maxdin Pte. Ltd. on June 26, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Chan Kheng Tek Sam Kok Weng PricewaterhouseCoopers 7 Straits View Marina One, East Tower, Level 12 Singapore 018936 MW MAINTENANCE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on June 13, 2025, to wind up the operations of MW Maintenance Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SIRIUS TECHNOLOGIES: Creditors' Meeting Set for July 10 ------------------------------------------------------- Sirius Technologies Pte. Ltd. will hold a meeting for its creditors on July 10, 2025, at 4:30 p.m., via audio-visual conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to appoint a committee of inspection consisting of not more than five (5) persons; d. to resolve that the Liquidators be empowered to exercise any of the powers pursuant to Section 177 of the Act; e. to resolve that the Liquidators be at liberty to open, maintain and operate any bank account or an account for monies received by them as the joint and several liquidators of the Company, with such bank as the Liquidators deem fit; f. to resolve that the Liquidators' remuneration be calculated on the basis of time spent by the Liquidators and their staff in connection with the winding up of the Company, calculated at their firm's standard rates per hour for this type of work, and that the remuneration be drawn from time to time from the assets of the Company; g. to resolve that the Liquidators be at liberty to appoint solicitor(s) to assist them in their duties, if required; h. to resolve that the Company's books and records be disposed of five years after the dissolution of the Company; and i. Any other business. Mr. Cameron Lindsay Duncan and Mr. Joshua Joseph Jeyaraj of KordaMentha were appointed as provisional liquidators of the Company on June 23, 2025. SITEIMPROVE PTE: Creditors' Proofs of Debt Due on July 28 --------------------------------------------------------- Creditors of Siteimprove Pte. Ltd. are required to file their proofs of debt by July 28, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 20, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***